Numbers climb for 4th straight month but just barely
It may be a little early to say things have officially started to cool in what has been a very hot real estate market here in the north Palm Beach County region. After all, reporting a fourth consecutive month of increases in pending sales numbers is hardly bad news. But it certainly tells me to start watching what is going on very carefully as things could be changing and not for the better.
We have brought you nothing but really good news for quite a while now with everything turning up roses. Yes, pending home sales increased again but they were up a whopping .0049%. After two months where we saw increases of 10% and 15% this is not good news. Not when we still sit 15% below year ago numbers.
No need for alarm but if you are either buying or selling a home in this market you need to thoroughly understand the metrics surrounding that particular piece of property. Not the national market numbers, not the Florida market numbers, not the Palm Beach County numbers, not your town's numbers. You must understand the numbers in your immediate neighborhood to make a fully educated and knowledgeable decision.
The 2013-2104 season is for all intents and purposes over, major players in the investment market are dramatically slowing their purchases, and despite the Fed's announcement of their 4th reduction in purchases of government debt since January interest rates are still down. Things can change in a split second and you have to watch these signs closely. Is the party over? Not at this point but you if you are interested you might take note as this report could be a sign that the birthday girl is inhaling and getting ready to blow out the candles. Always interesting, always fun.
Paradise Sharks Real Estate